Depends on how much time you want to spend refurbishing it. Mine was worse than that when I got it and I love working on stuff like this so I refurbished it. I completely disassembled everything and hand cleaned or polished each bit. I had to replace the bars, seats and posts, fenders and wheels, but the rest is what came with the bike. It looks like this now. Have no idea how much it's worth - but probably not anything near what I spent on it. My wife and I dig cruising on it to the farmers market etc.